Rayonier Announces $1B Asset Sale Plan, Oregon Timberland Deal as CEO Nunes Retires
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Rayonier reported solid Q3 results with increased sales and EBITDA margins despite some end market weakness.
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The company announced plans to sell $1 billion in assets over 18 months to enhance shareholder value.
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Rayonier agreed to sell 55,000 acres of Oregon timberland for $242 million as part of this initiative.
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CFO Mark McHugh will become CEO in April as current CEO David Nunes retires after 9 years.
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Lumber markets are expected to remain constrained through much of next year, so fair value estimate maintained at $35.